Scotia Momentum® Visa* Card

Scotia Momentum® Visa* Card

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AmericanExpress Platinum Card

American Express Platinum Card®

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Scotia Momentum® Visa* Card vs American Express Platinum Card®: Which one is better?


Scotia Momentum® Visa* Card

Scotia Momentum® Visa* Card

3.1


RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

AmericanExpress Platinum Card

American Express Platinum Card®

4.5


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Finly Rebate

N/A

Rewards Breakdown

Annual Rewards

$315.05


First Year Bonus

$0


Annual Fee

$39


First Year Value

$276.05

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$581.26

American Express Membership Rewards


First Year Bonus

$0

American Express Membership Rewards


Annual Fee

$799


First Year Value

-$217.74

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included

  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days

Insurance Included*

  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    120 days

  • lost baggage

    Lost or Stolen Baggage

    $1,000
  • hourglass timer

    Baggage Delay

    $1,000
  • car insurance

    Car Rental Damage & Theft

    Yes
  • heart lock

    Travel Accident

    $500,000
  • burglar

    Hotel Burglary Insurance

    $1000
  • travel accident medical

    Emergency Out of province Medical

    15 days
  • cancel airplane

    Trip Cancellation

    $2,500
  • pause

    Trip Interruption

    $2,500
  • hourglass timer

    Flight Delay

    $1,000

Extra Benefits

  • car rental

    Car Rental Discount

    25% off base rate of Avis Rent A Car and Budget Rent A Car

Extra Benefits*

  • gavel

    Trip and legal Assistance

  • concierge

    Concierge Services

  • Amex logo

    American Express® Experiences

  • star fall

    Status lift

    Upgrade to Hilton Honors Gold Status
  • star fall

    Status lift

    Upgrade to Marriott BonvoyTM Gold Elite status
  • reward cup

    Extra points

    Earn 2 points on Amex Travel Online purchases and extra points on American Express offers
  • travel

    Travel Credit

    $200
  • food location

    Dining Credit

    $200 at Select Restaurants
  • border guard

    Nexus Program Rebate

    $100 statement credit every 4 years
  • alcohol cheers

    Airport Lounge - American Express Global Lounge

    Take full advantage of The American Express Global Lounge Collection™ which unlocks access to over 1,400 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
  • hotel

    Complimentary Hotel Benefits

    Hotels booked American Express Travel
  • airport waiting room

    Priority Travel

    At Toronto Pearson Airport get Priority Security lane, Complimentary valet and 15% discount at the Express Park and daily park

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

Balance Transfer:

2.99% introductory for 6 months, then 22.99%

Interest Rates*

Purchase:

21.99% - 30%2

Cash Advance:

21.99% - 30%2

Annual Fee

$39

Annual Fee*

$799

Income Required

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Welcome Bonus

Get a 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $39)

Welcome Bonus*

New Platinum® Cardmembers, earn 100,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership. Plus, earn 40,000 points when you make a purchase between 14 and 17 months of Cardmembership. Offer ends Jan 28, 2025.

Rewards Rate

  • 2% cashback on gas, groceries, drug store and recurring payments (maximum $500 annually)
  • 1% cashback on all other credit card purchases.

Rewards Rate*

  • 2x points per $1 spent on eligible dining & food delivery purchases (restaurant, fast food, coffee shop, food delivery)
  • 2x points per $1 spent on eligible travel purchases (flights, hotels, tours and more)
  • 1x point per $1 spent for all other purchases

Loyalty Program

N/A

Point Redemption Options

Not Applicable

Point Redemption Options*

  • Most Optimal

    plane

    Transfer to Airline Partners

    2.1¢ / point
  • travel - plane

    Fixed Point Travel Program

    1.66¢ / point
  • hotel

    Transfer to Hotel Partners

    1.66¢ / point
  • cash coins

    Statement Credits (Cash)

    1¢ / point
  • gift card

    Gift Cards

    0.765¢ / point
  • amazon logo

    Amazon.ca

    0.7¢ / point
  • online shop

    Merchandise

    0.63¢ / point

Is this card worth it?

The Scotiabank Momentum Visa is a low annual fee cash back card that offers impressive earn rates on a variety of everyday spending categories, making it an excellent choice for those who want to maximize rewards without the higher cost of its Visa Infinite counterpart.

Is this card worth it?

If you're a frequent traveler, the Platinum card is an excellent choice. It's highly recommended for its extensive travel benefits, including unlimited lounge access for you and a guest at the American Express Lounge collection, making it the best card for lounge access in Canada. The card also offers unique perks not commonly found with other Canadian cards, such as status upgrades at Marriott Bonvoy and Hilton, dining and travel credits, concierge service, airport benefits, Nexus application reimbursement, and more. These benefits can more than offset the annual fee. However, if you don't travel often or are mainly looking for a card that maximizes rewards, this card may not be the best option for you.

Pros

  • Cash Back Rewards: Earn up to 2% cash back on purchases.
  • Low Balance Transfer Rate: Benefit from a 2.99% rate on balance transfers for the first 6 months.
  • No Welcome Bonus: No initial sign-up bonus, keeping things straightforward.

Pros

  • Offers more perks than any other credit card in Canada, catering to premium users who value extensive benefits.
  • Enjoy $400 in annual travel and dining credits, which can offset some of the card's cost.
  • Gain unlimited access to over 1,400 airport lounges worldwide, enhancing your travel experience.
  • Multiple options for redeeming points for high value, giving you flexibility in how you use your rewards.
  • Includes 11 types of insurance coverage, offering comprehensive protection for cardholders.

Cons

  • Limited Insurance Coverage: Only basic insurance is included.
  • Annual Rewards Payout: Cash back rewards are paid out once a year as a statement credit.

Cons

  • As with other American Express cards, it may have lower acceptance in some locations compared to other networks.
  • The high annual fee of $799 may be a barrier for some users, especially those who do not fully utilize the card's benefits.
  • Some benefits are limited to specific airports and hotels.

Legal


*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check here for full details and current product information.
2 This Charge Card requires full payment of the Due in Full balance each month, with a 30% interest rate on late payments. The Flexible Payment Option balance has a 21.99% interest rate, which increases to 25.99% after two missed payments and 28.99% after three or more within 12 months. A 21-day interest-free grace period applies to new transactions if the full balance is paid by the due date.

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